Friend.tech, a social token platform that has rapidly gained popularity, has rebranded its core asset from "Shares" to "Keys."
Trendy Social App Friend.tech Has Renamed "Shares" To "Keys"
Friend.tech, a social token platform that has rapidly gained popularity, has rebranded its core asset from "Shares" to "Keys."
The change comes after the platform experienced a surge in attention, attracting celebrities and users alike. However, the platform's rise has also sparked debates about its legitimacy.
The name change from "Shares" to "Keys" was announced on Twitter, with the company explaining that the original name was a placeholder and that the new name better reflects the purpose of these in-app items, which unlock access to friends' chat rooms.
The desire to avoid regulatory attention might have also played a role in the decision to change the name. Gary Gensler, the head of the Securities and Exchange Commission (SEC), has been actively classifying digital assets as securities. The term "Shares" used to describe their assets might have raised regulatory questions.
The term "Shares" may imply ownership comparable to that of stock, which could have regulatory ramifications for the Howey test, a legal test used in the United States to evaluate whether a transaction qualifies as the sale of a "investment contract" and, thus, is subject to securities rules.
Friend.tech recently launched on Coinbase's Base scaling network for Ethereum, enabling users to buy and sell "Keys" tied to their favorite Twitter accounts. These keys provide access to private chat rooms within the app.
